Never miss an update

Tosca Blu Womens Symphonie Rose Symphonie Trainers, Black Black Rose Black C99, 6 UK cbe4a98

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Tosca Blu
MPN: TF1790S90_C99 UPC: 8058573532802
EAN: 8058573532802
Never miss an update

Tosca Blu Womens Symphonie Rose Symphonie Trainers, Black Black Rose Black C99, 6 UK cbe4a98 -

    Tosca Blu Womens Symphonie Rose Symphonie Trainers, Black Black Rose Black C99, 6 UK cbe4a98
    Tosca Blu Womens Symphonie Rose Symphonie Trainers, Black Black Rose Black C99, 6 UK cbe4a98
    Gioseppo Womens 46566-p Low-Top Sneakers, Black Negro Negro, 7 UK , EMU Australia Platinum Outback Lo Womens Real Sheepskin Boots Australian Made , Dolce Vita Havover Peep Toe Fringe Booties f69, Taupe, 8 US Display , Rieker Womens N3220 Trainers, Black SchwarzFumo 01, 8 UK , Dolce Vita Havover Peep Toe Fringe Booties, Black, 7.5 US DisplayFly London Yama Women s Boots - Black Black , 6 UK , Steve Madden Gorgeous Over-The-Knee Dress Boots 398, Navy Velvet, 8 USDolce Vita Havover Peep Toe Fringe Booties, Black, 10 US DisplaySplendid Sullie Slouch Two Tone Boots, Black, 5.5 US Display , Vince Camuto Beatrix Ankle Studded Riding Boots 328, Russet, 5 US / 35 EUFranco Sarto Eckhart Tassel Back Over The Knee Boots 694, Black, 6 USShabbies Amsterdam Womens Ankle Boot Espadrilles, Blue Denim 8003, 8 UKNine West Anilla Over-The-Knee Tassel Zip Boots 643, Black, 5.5 US , Cole Haan Hayden Ankle Bootie, Pecan, 5.5 US DisplayRieker 41758, Women s Closed-Toe Pumps, Beige steel 43 , 7.5 EU , Ivanka Trump Rylee Rear Zip Over The Knee Boots 187, Dark Gray, 11 US , Luca Grossi Glossy Black Ankle Riding Boots 36Via Spiga Maxine Buckle Strap Ankle Booties 425, Steel Suede, 5 US / 35 EU , Lauren by Ralph Lauren Vianca Ankle Boots 272, Black, 8.5 US / 39.5 EU , Trespass Kenter, Womens High Rise Hiking Boots, Brown Cocoa, 4 37 EU , Rocket Dog Figaro Women s Ankle Boots - Black, 4 UKMan/Woman HADES OXFORD Boots Black Beautiful color Moderate cost British temperamentLauren by Ralph Lauren Vianca Ankle Boots 375, Black, 7.5 US / 38.5 EU , Donald J Pliner Sonoma Ankle Boots 079, Tobaacco Crackled Calf, 5.5 USAigle Women s Aiglentine Wellington Boots - Green Kaki , 5 UK , Via Spiga Bristol Pull On Tassel Ankle Boots 442, Black Suede, 5 US / 35 EUFly London Mena, Women s Boots, Black Black 9 UK , Adrienne Vittadini Nilson Over-the-Knee Boots 158, Black, 8 USSTEVEN Steve Madden Vaydan Over The Knee Boots 651, Black, 6 US
    Tosca Blu Womens Symphonie Rose Symphonie Trainers, Black Black Rose Black C99, 6 UK cbe4a98 ->Tosca Blu Womens Symphonie Rose Symphonie Trainers, Black Black Rose Black C99, 6 UK cbe4a98 -
    Laredo Women Leather Maricopa Tantan (51041) Size 9M EUCGentlemen/Ladies Born Womens - Winema Clever and practical special function British temperamentPopushier HJ9285-16-602 Black Wedge Knee High Boots Choose Sz/MaterialFrye Womens Sacha Moto Short Booties- Pick SZ/Color.VANS OLD SKOOL CLASSIC TUMBLE BLACK MENS SKATEBOARD SHOES FREE POST AUSTRALIAPHILIPPE MODEL WOMEN'S SHOES SUEDE TRAINERS SNEAKERS NEW TROPEZ BLACK CE0Mizuno Wave Prodigy Black Blue Women Running Shoes Trainers Sneakers J1GD17-1003Irregular Choice Great Minds Womens Black Multicolour Fabric ShoesVince Blair 5 Casual Slip On Shoes - Women's Size 7 M, WhiteNWT Dr Martens Womens Sostud 3-Eye Studded Casual Shoes 6 Pink MSRP$120 , Joseph Stewart Stride 80093-33 Women's 7.5 Narrow Waterproof Shoes , Jessica Simpson Womens bainer Suede Closed Toe Classic PumpsMEN'S NIKE AIR MAX CB 94 LOW TRIPLE WHITE 917752-100 Shoes size 8 NewNIKE AIR FORCE 1 MID '07 RIDGEROCK/BLACK-RIDGEROCK SIZE MEN'S 8.5 [315123-205]Under Armour Men's Charged Ultimate Training Shoes UA 1285648-001 BlackReebok Men's CROSSFIT Speed TR Cross Trainer - Choose SZ/Color , Air Jordan Future Low 718948 001 Black/ University Red , 2012 NIKE AIR JORDAN XI 11 LOW CHERRY WHITE VARSITYsz 12 RED 528895 101 vi iiiVANS Golf Wang Syndicate Old Skool Pro "S" VN-OQHMF5F Brown Wheat Pink Men's 10NIKE ZOOM VAPORFLY 4% FLYKNIT SIZE 12.5 NEW IN BOX IN HAND READY TO SHIP CRIMSONRocky Men's Treadflex Waterproof 6" Work Boot RKK0237" Dark Brown Full Grain , Anodyne Diabetic Shoes Brown 2 Straps Mens Size 12W , Men's William Lennon Brown Leather Derby Boots size 10 UK / 11 USChippewa Men's 12" Square Toe Pull On Boot 29320 ---New in Box--- , MEN'S GENUINE LEATHER DRESS SHOES. SIZE 12 (FLORSHEIM) -PRICE JUST REDUCED! , Fila Women's Skeletoes Black/Castlerock 9 M USAdidas Stella McCartney Ultra Boost Parley Sneakers White DB1958 Size 9 , Adidas NMD Runner R1 W BY3059 Vapor Pink Light Onix Gray Offspring Women Sz 5-10 , Marc Fisher Women's Oshana Fashion Boot, Taupe, 9.5 Medium US , Knee High Boots Elastic Strap Open Front 2" Platform 6" Heel Ellie 609-Tyra 12M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Tosca Blu Womens Symphonie Rose Symphonie Trainers, Black Black Rose Black C99, 6 UK cbe4a98 -

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Tosca Blu Womens Symphonie Rose Symphonie Trainers, Black Black Rose Black C99, 6 UK cbe4a98 -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Tosca Blu Womens Symphonie Rose Symphonie Trainers, Black Black Rose Black C99, 6 UK cbe4a98